Stock Market Today, Oct. 16: Tech Stocks Plunge as AI Software Valuations Reverse
The S&P 500 (SNPINDEX:^GSPC) fell 1.07% to 7,661 as AI-related software stocks faced a sharp reversal, while the Nasdaq Composite (NASDAQINDEX:^IXIC) plummeted 2.15% to 26,140 on broad technology selling, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.34% to 52,002, outperforming its peers to record its second straight weekly gain. Gold prices rose 0.43% to $4,187.90 as of U.S. market close, the 10-Year Treasury yield declined to 5.10%, and Energy led sector gainers while Communication Services paced the decliners, followed by significant weakness in Technology. Alcoa (NYSE:AA) shares jumped 5.80% on a third-quarter earnings beat, while Fox Factory (NASDAQ:FOXF) plummeted after announcing an unplanned CEO departure and a lower financial outlook. Continue reading